I wanted to share a tip that has always worked for me when I have two lien holders to deal with in a short sale. When I submit the complete package to both lien hoders I submit two different HUD 1 settlement statements. I currently have a property worth $145,000 previously valued at $365,000. The offer came in at $145,000. Now what I did was sent the HUD 1 to the first lien holder saying $10,000 goes to second lien holder. Then I send a different HUD 1 to the second lien holder saying they are getting $3,000. I got a call from the negotiator on the second saying they will approve the short sale if they net $6,000. I told her I would see what I can do. I then went back to the first lien holder since now they are conditioned to giving up more money and told them that the second wants $6,000.... they immediately agreed and requested an updated HUD 1 to submit the file for final approval. Then everyone gets the HUD1 that is satisfactory to both investors. This tactic has worked for everytime I have two lien holders. I hope it works for you as well.
That is an excellent tactic. It has worked most of the time for me. You always want to tell the lender that they are getting less and the other lender is getting more. That way hopefully they can meet somewhere in the middle.
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